What Is GAP Insurance?

Auto insurance is necessary for owning your car, truck, or SUV in FL. As such, there are several types of car insurance policies on the market to help you get the coverage you want for your new, certified pre-owned, or used vehicle for Englewood drives. Find out what GAP insurance is on a car with our guide from the finance team at Kia of Port Charlotte.

What Is GAP Insurance on a Car? 

GAP insurance, or guaranteed asset protection insurance, covers the difference between the value of the model you own and the balance you owe on the auto loan. If you get into an accident and the car is totaled, GAP protection will pay off the rest of the loan.

What Is GAP Protection and What Does It Cover?

GAP insurance covers a lot more than the value between the car and the loan to protect your vehicle, although that’s the main reason why you purchase GAP coverage. 

While it doesn’t cover bodily injuries, mechanical repairs, or your deductible, GAP insurance does cover:

• Theft
• Fire
• Vandalism
• Accidents
• Nature damages (tornado, hurricane, flood, etc.)

When answering what is GAP protection, having this type of coverage comes in handy when regular insurance won’t cover unexpected inconveniences from when you file a claim due to damage on your car, truck, or SUV that isn’t necessarily covered when an accident happens. You never know when you’re going to need it, so it’s better to be prepared with GAP insurance.

What Is GAP Insurance and Is It Worth It?

Absolutely, GAP insurance is worth it! Having GAP insurance means protecting your investment when something out of the ordinary occurs, like the theft of your vehicle or a natural disaster. And since your vehicle depreciates the second you drive off the lot, this insurance will cover the gap between the value of the auto loan and what your auto insurance policy will cover if you get into an accident.

How Can I Get GAP Insurance?

Obtain GAP insurance through your auto insurance provider. It may cost as little as $20 a year plus the one-time fee at the time of purchase. You can renew GAP insurance for as long as you need it for your Venice drives.

Learn More About GAP Insurance at Kia of Port Charlotte

If you have more questions about how to fully protect your vehicle, contact us or call 941-300-0906. Our knowledgeable staff is standing by to help answer any questions you may have.